OREANDA-NEWS. April 12, 2011. In March 2011, loan portfolio of Russian Agricultural Bank grew by RUB 32.7 billion and amounted to RUB 770.1 billion as of April 1, 2011. Corporate portfolio reached RUB 681.9 billion and retail loan portfolio – RUB 88.2 billion, reported the press-centre of RusAg.

Within the last month the Bank has increased the volume of borrowed funds by RUB 64.1 billion. As of April 1, 2011 borrowed funds amounted to RUB 993.2 billion. In 1Q2011, RusAg’s profit before tax amounted to RUB 1,094 million, which is 48% growth as compared to the 1Q2010.

The Bank continues a planned reduce of the financial burden on agricultural producers consistently decreasing lending rates. To date, interest rates on loans extended for seasonal field works account for 7.75% to 10% depending on the loan maturity. Among priority objectives of the Bank’s lending policy for the current period are to support agribusiness enterprises during spring field works, and to create favorable financial conditions for small and medium-sized enterprises.

Along with the key lending priorities for 2011 the Bank plans to diversify its loan portfolio through the establishment of specialized lending programs for enterprises of forestry and fisheries, alcohol industry, and for agricultural machinery fleet renewal.